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Cryptocurrencies' value to surge to $1tn in 2018 - Analyst

Cryptocurrencies' value to surge to $1tn in 2018 - Analyst

Mubasher: Unlike some analysts, the founder and CEO of bitcoin exchange Karken, Jesse Powell, expects digital currencies to post significant rises during 2018.

Despite sharp declines in the past few days, Powell forecast that the value of these cryptocurrencies would likely see an "acceleration" of growth and hit $1 trillion this year.

“You've got a lot more kids graduating from crypto programmes at universities now. I think we're just going to see it continue exponentially from here,” Karken’s founder told CNBC on Tuesday.

Cryptocurrencies, which are considered the most volatile asset in history, surged during the past few months, surpassing $800 billion in terms of market capitalisation, before dropping sharply amid tighter regulations in several countries.

Total market cap for all currencies last reached $415.4 billion.